The Prometheus League
Breaking News and Updates
- Abolition Of Work
- Ai
- Alt-right
- Alternative Medicine
- Antifa
- Artificial General Intelligence
- Artificial Intelligence
- Artificial Super Intelligence
- Ascension
- Astronomy
- Atheism
- Atheist
- Atlas Shrugged
- Automation
- Ayn Rand
- Bahamas
- Bankruptcy
- Basic Income Guarantee
- Big Tech
- Bitcoin
- Black Lives Matter
- Blackjack
- Boca Chica Texas
- Brexit
- Caribbean
- Casino
- Casino Affiliate
- Cbd Oil
- Censorship
- Cf
- Chess Engines
- Childfree
- Cloning
- Cloud Computing
- Conscious Evolution
- Corona Virus
- Cosmic Heaven
- Covid-19
- Cryonics
- Cryptocurrency
- Cyberpunk
- Darwinism
- Democrat
- Designer Babies
- DNA
- Donald Trump
- Eczema
- Elon Musk
- Entheogens
- Ethical Egoism
- Eugenic Concepts
- Eugenics
- Euthanasia
- Evolution
- Extropian
- Extropianism
- Extropy
- Fake News
- Federalism
- Federalist
- Fifth Amendment
- Fifth Amendment
- Financial Independence
- First Amendment
- Fiscal Freedom
- Food Supplements
- Fourth Amendment
- Fourth Amendment
- Free Speech
- Freedom
- Freedom of Speech
- Futurism
- Futurist
- Gambling
- Gene Medicine
- Genetic Engineering
- Genome
- Germ Warfare
- Golden Rule
- Government Oppression
- Hedonism
- High Seas
- History
- Hubble Telescope
- Human Genetic Engineering
- Human Genetics
- Human Immortality
- Human Longevity
- Illuminati
- Immortality
- Immortality Medicine
- Intentional Communities
- Jacinda Ardern
- Jitsi
- Jordan Peterson
- Las Vegas
- Liberal
- Libertarian
- Libertarianism
- Liberty
- Life Extension
- Macau
- Marie Byrd Land
- Mars
- Mars Colonization
- Mars Colony
- Memetics
- Micronations
- Mind Uploading
- Minerva Reefs
- Modern Satanism
- Moon Colonization
- Nanotech
- National Vanguard
- NATO
- Neo-eugenics
- Neurohacking
- Neurotechnology
- New Utopia
- New Zealand
- Nihilism
- Nootropics
- NSA
- Oceania
- Offshore
- Olympics
- Online Casino
- Online Gambling
- Pantheism
- Personal Empowerment
- Poker
- Political Correctness
- Politically Incorrect
- Polygamy
- Populism
- Post Human
- Post Humanism
- Posthuman
- Posthumanism
- Private Islands
- Progress
- Proud Boys
- Psoriasis
- Psychedelics
- Putin
- Quantum Computing
- Quantum Physics
- Rationalism
- Republican
- Resource Based Economy
- Robotics
- Rockall
- Ron Paul
- Roulette
- Russia
- Sealand
- Seasteading
- Second Amendment
- Second Amendment
- Seychelles
- Singularitarianism
- Singularity
- Socio-economic Collapse
- Space Exploration
- Space Station
- Space Travel
- Spacex
- Sports Betting
- Sportsbook
- Superintelligence
- Survivalism
- Talmud
- Technology
- Teilhard De Charden
- Terraforming Mars
- The Singularity
- Tms
- Tor Browser
- Trance
- Transhuman
- Transhuman News
- Transhumanism
- Transhumanist
- Transtopian
- Transtopianism
- Ukraine
- Uncategorized
- Vaping
- Victimless Crimes
- Virtual Reality
- Wage Slavery
- War On Drugs
- Waveland
- Ww3
- Yahoo
- Zeitgeist Movement
-
Prometheism
-
Forbidden Fruit
-
The Evolutionary Perspective
Monthly Archives: February 2022
8 highlights of radio astronomy in 2021 – Syfy
Posted: February 7, 2022 at 7:10 am
The human eye is an amazing piece of equipment. It's so useful it likely evolved dozens of time independently as my friend Julia Sweeney says (paraphrased), "What good is half an eye? Probably about half as good as an eye." and allows us a way to sense the world and Universe around us with decent precision.
But... it's only sensitive to a very narrow range of light. It took a long time for humans to figure this out, but what we call visible light is only thin slice of the kind of light that's out there. Gamma rays, X-rays, ultraviolet, infrared, microwaves... these are all forms of light with wavelengths too short or too long for the human eye to register.
If we only look to the heavens so see the visible light it sends us, we're missing out on well over 99.9% of what's out there.
Radio and millimeter waves are profoundly important things to be able to detect. So many objects emit them, from the Sun and planets to dust clouds forming stars and electrons whizzing around magnetic field lines around black holes and supernovae. By studying this form of light we get much more information about the Universe, and keen insight into the engines that drive it.
Every year there are incredible new discoveries made because astronomers and engineers built the Atacama Large Millimeter/submillimeter Array, the immense Greenbank Radio Telescope, the Very Large Array, and more; huge dishes or multiple combined dishes to scan the sky and, well, see what we can see, even if we can't see them per se.
So it was my pleasure to work with my friends at the National Radio Astronomy Observatory (NRAO) to present some amazing long-wavelength astronomical highlights from 2021. We combed through the year's research, found eight wonderful stories, and I wrote and did the voice-over for beautiful animations that NRAO created to explain these phenomena. Fasten your seatbelts! We're going to travel from the nearest astronomical object in the Universe out to its most distant reaches.
Radio telescopes don't just receive long-wavelength light from objects; some can transmit it to bounce off nearby solar system bodies like the Moon. This technique, called synthetic aperture radar, can be used to map the Moon to an incredible resolution of just 5 meters. The initial tests have been so successful that NRAO received a multi-million dollar NSF grant to expand its efforts.
Our Milky Way galaxy is actively making stars, and many galaxies we see are fecund indeed. But others appear to have their star formation being quenched, where star birth is suppressed or even stagnant. To learn why, astronomers turned to ALMA to find out.
The nearby galaxy M87 has an enormous central supermassive black hole, famous for posing for the first ever high-resolution image of such a beast, which is blasting out a powerful beam of matter and energy that stretches for thousands of light years. Detailed observations using the Very Large Array show that along some its length the jet is actually a pair of entwined corkscrew spirals, a double helix much like DNA.
We see stars in the process of formation in nearby gas clouds with quite a bit of detail, but finding massive stars ones with many times the mass of the Sun in the throes of formation is more difficult. However, looking at the nebula W51, astronomers found three such monsters being created, helping them understand what's different for them than for more modest stars.
One of the more amazing recent advances in astronomy is being able to see planets forming around other stars in huge swirling disks of gas and dust. Elias-2-27 is nearby still-forming star where a massive planet is also collecting itself. ALMA observations show the chaos that such an event sows.
This is one of my favorites stories from 2021: A star went supernova in a galaxy 500 million light years from Earth. Routine, right? Yeah, well, they also found evidence that the reason this supernova occurred is because a black hole collided with the star, fell to the center, and made such a mess in the star's core that it exploded. Holy wow!
How do stars in our galaxy form? In a huge survey of the sky, astronomers used the Very Large Array to map hydrogen gas, as well as complex molecules like methanol and formaldehyde, and saw star factories churning them out, as well as the expanding debris from stars that exploded long ago.
In 2021, a type of active galaxy called a quasar was found so far away its light took over 13 billion years to reach us a distance record. At its heart is a huge black hole powering its energetic emission... which is actually a problem, since we're not sure how it could've grown to such a large size so quickly after the formation of the Universe itself.
Pretty cool, the things we can do when we open our eyes past what our eyes alone can see! And if you think these are nifty, then check out the lists we did for 2020 and for 2019.
When I was in graduate school at the University of Virginia working toward my degree, we would often walk up the street to the NRAO HQ to attend talks by local and visiting radio astronomers (and also to play volleyball, since they had a great court there). It was a lot of fun to listen to people talk about their observations using instruments totally different than what I used, and to hear about new discoveries as they happened. It is a huge honor and pleasure to be able to work with NRAO now to create these annual highlights. I hope you like them too.
See original here:
Posted in Astronomy
Comments Off on 8 highlights of radio astronomy in 2021 – Syfy
What Counts In Choosing An Offshore Jurisdiction – WealthBriefingAsia
Posted: at 7:10 am
A private client lawyer sets out the questions he has about what he looks for in an offshore jurisdiction; the trends that are unfolding and the centres which are making most headway.
What sort of considerations apply when choosing an offshore location? Some might respond that tax, regulations and ease of doing business are likely to be uppermost in mind, but it can be more complex than that. How politically stable are such places? Is the government honest? And in light of the COVID crisis how rational and efficient is the system athandling viruses and the associated restrictions? Are travel connections quick and pleasant? Are there good schools and healthcare facilities and is the location a fun and interesting place in which to live?
Theres a lot to take on board. To explore how to frame these questionsis George Merrylees, partner at Wedlake Bell, the London-based law firm. The considerations are, by definition, global and we hope that the article will stimulate debate across our different editions.
The usual editorial disclaimers apply and we invite people to jump into the debate. Email tom.burroughes@wealthbriefing.com
Many international private wealth practitioners have tried, and often successfully, to undertake a comparison of offshore jurisdictions. I will leave such a task to those who have global offices with boots on the ground.
As my firm is a single office based in central London with international affiliations, I will look at the world of offshore jurisdictions through the lensof a London private client lawyer, which is, after all, all I can really do. The questions I will address in this article are threefold:
(1) What factors motivate me to choose an offshore jurisdiction; (2) what trends am I seeing; (3) which offshore jurisdictions are charging further ahead;and what factors motivate me to choose an offshore jurisdiction?
Like many of my London colleagues, I am guilty of having a short list of favourite offshore jurisdictions. This is compounded by the fact that I know what I know, and I don't know what I don't know. But beyond that, I am surely influenced by experience, personal relationships and, possibly, the unconscious bias of a London practitioner who usually favours the Channel Islands. There is, of course, no logical reason for this if my clients come from outside the UK and, in some cases, have no link to the UK at all.
In my experience, the perfect solution is often not possible but I have met too many clients who end up putting their family wealth out of reach due to the structures they have used. This might be on account of the tax, the regulations, the overheads or the lack of foresight as to jurisdictional requirements that have been ignored.
So what would I say is my approach when it comes to choosing offshore jurisdictions? I can honestly say that, through trial and error, I have learned to recommend offshore jurisdictions that offer culturally intelligent solutions.
In my opinion, and to avoid the problems I have mentioned, a culturally intelligent approach requires that the structures: should be as easy to understand and use as possible by both the family members and any interested tax inspector; should be portable in that they can follow the family through the changes in their tax status. If such changes jeopardise the structures, then the structures should be easy to dismantle/restructure; should work efficiently and effectively across borders from a tax and compliance perspective; should be cost effective; and should be tax efficient but not at any cost.
An equally important consideration is the team of advisors with whom the family have to work in relation to their structure. In my opinion this is absolutely linked to choice of jurisdiction.
I consider the fiduciary provider to be an integral part of the professional team that services the client. After all, the fiduciary might very well turn out to have the longer relationship with the client as the client moves from one jurisdiction to the next. So it is vital to me that I introduce a high calibre fiduciary team to the client and their family and that such team has the required expertise to accompany them in the long term. I take the same approach when I involve foreign lawyers on a client matter. It is for this reason that I will gladly go to a less established jurisdiction if I know that I am not compromisingthe professionalism and technical ability of the fiduciary service provider.
The types of question I will ask myself when choosing an offshore jurisdiction can be summarised as follows:
1. Which jurisdictions offer the correct structures to hold the assets owned by the client? 2. How do the jurisdictions relevant to the client and his/her family interact or simply, react to the offshore jurisdictions and to the entities that we will consider setting up to hold the assets? 3. What is the relevant expertise I am looking for in the fiduciary provider? This will usually relate to the tax situation, the complexity of the client's affairs, international compliance as well as to the assets; 4. Is there a language requirement? and 5. Will the client get on with the fiduciary provider?
Continued here:
What Counts In Choosing An Offshore Jurisdiction - WealthBriefingAsia
Posted in Offshore
Comments Off on What Counts In Choosing An Offshore Jurisdiction – WealthBriefingAsia
Azerbaijan to build astronomical station in liberated Karabakh – AzerNews
Posted: at 7:10 am
7 February 2022 10:00 (UTC+04:00)
585
By Ayya Lmahamad
A little bit more than a year has passed since the liberation of Azerbaijani territories from Armenian occupation. Large-scale rehabilitation and construction work is underway on these lands.
In one of hisinterviews, President Ilham Aliyev said that we will have to build, equip an area equal to the territory of a country that is not the smallest in the world - Lebanon.
Azerbaijan started to restore and rehabilitate its lands immediately after the end of hostilities.
In 2021, Azerbaijan allocated $1.5 billion for the reconstruction of liberated territories, followed by AZN 2.2 billion ($1.2 billion) in 2022. These funds will be used primarily to restore infrastructure (electricity, gas, water, communications, roads, education, health, and so on) as well as cultural and historical monuments.
Astronomical station in Karabakh
Within a short period of time, Azerbaijan reconstructed the major infrastructure facilities on its liberated lands. Among them are the construction and opening ofFuzuli International Airport, the smart city project, that is already under completion inZangilan region, the construction and rehabilitation of various substations, roads, etc.
Executive Director of the ShamakhiAstrophysical Observatory of the National Academy of Sciences Professor Nariman Ismayilov recently stated that a new astronomical station will be built in the countrys Karabakh region in the near future.
He noted that the management of the National Academy of Science supported the proposal to build a new astronomical station in the Karabakh region, install modern robotic telescopes, create a central space testing site on the territory of the observatory to study the Earth through satellite observations.
This work will be an important step in the transformation of the ShamakhiAstrophysical Observatory into an international scientific center to explore the near and far space.
Astronomy in Azerbaijan
Azerbaijan has contributed to the development of science in the world, particularly so in astronomy. The country has got a real astronomical heritage, thanks to the presence in the 13 century of the famous Maragha Observatory in South Azerbaijan (now northwestern Iran) established by Azerbaijani astronomer Nasiraddin Tusi.
The development of national astronomy in the last century can be described through three stages.
The first stage covers the period of 1927-1991 and includes such events as the first astronomical expeditions and the establishment of the ShamakhiAstrophysical Observatory.
The Observatory was established in 1960 on the basis of the Astrophysics Sector of the Academy of Sciences of the Azerbaijani SSR and its Shamakhi Astronomical Station (Pirgulu). It is considered as one of the large scientific centers for favorable astroclimatic conditions, equipped with telescopes and scientific equipment.
The second stage covers the period of 1992-1997 and is characterized as a "stagnation period"in the history of national astronomy [due to the collapse of the former Soviet Union, national and political instabilities in the newly independent country in its transition period, Armenian intervention, etc].
A new stage began in the second half of 997 with repairing, renovation, and reorganization work in the observatory and in astronomical activity in general.
Currently, astronomical research in Azerbaijan is conducted mainly in the ShamakhiAstrophysical Observatory and partially in relevant departments of several universities in Baku and in other organizations. There are three main scientific trends at the observatory - the physics of stars and nebulae, investigation of solar system bodies, and solar physics.
Azerbaijan has almost all of the attributes required for astronomy. The main contribution comes from the ShamakhiAstrophysical Observatory, which has headquarters and two high-mountain astronomical stations with favorable geographical locations. There is also a good astro-climate. Another significant fact is the mandatory teaching of astronomy as a separate subject in all higher-secondary schools, lyceums, as well as the teaching of astronomy and the fundamentals of space science in many university departments.
Additionally, Azerbaijani astronomers are actively involved in the works of some international organizations aiming at enhancing the participation of youth in astronomical and space activities and education.
---
Ayya Lmahamadis AzerNews staff journalist, follow her on Twitter:@AyyaLmahamad
Follow us on Twitter@AzerNewsAz
More:
Azerbaijan to build astronomical station in liberated Karabakh - AzerNews
Posted in Astronomy
Comments Off on Azerbaijan to build astronomical station in liberated Karabakh – AzerNews
Global Offshore Buoyancy Market Business Opportunities and Forecast to 2029 , Trelleborg AB, Unique Group, Subsalve USA The Grundy Register – The…
Posted: at 7:10 am
A market study Global Offshore Buoyancy market examines the performance of the Offshore Buoyancy market 2022. It encloses an in-depth analysis of the Offshore Buoyancy market state and the competitive landscape globally. The Global Offshore Buoyancy Market can be obtained through the market details such as growth drivers, latest developments, Offshore Buoyancy market business strategies, regional study, and future market status. The report also covers information including Offshore Buoyancy industry latest opportunities and challenges along with the historical and Offshore Buoyancy market future trends. It focuses on the market dynamics that is constantly changing due to the technological advancements and socio-economic status.
Get free copy of the Offshore Buoyancy market report 2022: https://calibreresearch.com/report/global-offshore-buoyancy-market-175845#request-sample
Recent market study Offshore Buoyancy Market analyses the crucial factors of the Offshore Buoyancy market based on present industry situations, market demands, business strategies adopted by Offshore Buoyancy market players and their growth scenario. This report isolates the Offshore Buoyancy market based on the key players, Type, Application and Regions. First of all, Offshore Buoyancy market report will offer deep knowledge of company profile, its basic products and specification, generated revenue, production cost, whom to contact. The report covers forecast and analysis of Offshore Buoyancy market on global and regional level.
COVID-19 Impact Analysis:
In this report, the pre- and post-COVID impact on the market growth and development is well depicted for better understanding of the Offshore Buoyancy Market based on the financial and industrial analysis. The COVID-19 pandemic has affected a number of market and Global Offshore Buoyancy Market is no exception. However, the dominating players of the Global Offshore Buoyancy Market are adamant to adopt new strategies and look for new funding resources to overcome the rising obstacles in the market growth.
Trelleborg ABUnique GroupSubsalve USABalmoral Offshore EngineeringMatrix Composites & EngineeringAdvance InsulationFendercare MarineDeepWater Buoyancy, IncBardot GroupSOCAP SRLPartnerPlast ASMooring System, IncJW Automarine
Have Any Query Of Offshore Buoyancy Industry Report 2022: https://calibreresearch.com/report/global-offshore-buoyancy-market-175845#inquiry-for-buying
Synthetic FoamPolyurethaneOthers
Oil & GasDrilling & MiningOceanographyRenewable EnergyOthers
North America Market(United States, North American country and Mexico),Europe Market(Germany, Offshore Buoyancy France Market, UK, Russia and Italy),Asia-Pacific market (China, Offshore Buoyancy Japan and Korea market, Asian nation and Southeast Asia),South America (Brazil, Argentina, Republic of Colombia etc.), geographic regionAfrica (Saudi Arabian Peninsula, UAE, Egypt, Nigeria and South Africa)
The Offshore Buoyancy report provides the past, present and future Offshore Buoyancy industry Size, trends and the forecast information related to the expected Offshore Buoyancy sales revenue, growth, Offshore Buoyancy demand and supply scenario. Furthermore, the opportunities and the threats to the development of Offshore Buoyancy market forecast period from 2022 to 2029. also covered at depth in this research document.
Get Complete Report for Better Understanding : https://calibreresearch.com/report/global-offshore-buoyancy-market-175845
Further, the Offshore Buoyancy report gives information on the company profile, market share and contact details along with value chain analysis of Offshore Buoyancy industry, Offshore Buoyancy industry rules and methodologies, circumstances driving the growth of the market and compulsion blocking the growth. Offshore Buoyancy Market development scope and various business strategies are also mentioned in this report.
Follow this link:
Posted in Offshore
Comments Off on Global Offshore Buoyancy Market Business Opportunities and Forecast to 2029 , Trelleborg AB, Unique Group, Subsalve USA The Grundy Register – The…
Astronomers Detect Hints of Earth’s Atmospheric Characteristics in Scorching Exoplanet WASP-189b | The Weather Channel – Articles from The Weather…
Posted: at 7:10 am
Artists impression of WASP-189b, an exoplanet orbiting the star HD 133112 which is one of the hottest stars known to have a planetary system.
Among the infinite mysteries of the cosmic world, one of the most intriguing aspects is the possibility of alien life. And the first step towards understanding such probability is to hunt for faraway worlds that resemble Earth-like conditions to host life as we know it.
Recently, astronomers have revealed some exciting details about the atmosphere of WASP-189ba scorching exoplanet located about 322 light-years from Earth. The exotic worlds located beyond the realms of our solar system are called exoplanets, and we have detected more than 4,000 such planets so far. But these new findings show that WASP-189b is absolutely unique!
Interestingly, this hot, Jupiter-like planet might consist of distinct atmospheric layersjust like planet Earth.
Earths atmosphere has five major layers: troposphere, stratosphere, mesosphere, thermosphere, and exosphere. Each of these layers has a role to play, like the stratosphere hosts the ozone layer, while the troposphere hosts life-sustaining oxygen.
Earlier, astronomers believed that exoplanets usually host only uniform layers, but this study suggests otherwise. This is for the first time that scientists have been able to detect the presence of distinct layers in the atmosphere of such a hostile exoplanet.
Astronomers from the Universities of Lund, Bern, and Geneva peered into the atmosphere of this exoplanet using the CHEOPS space telescope. Moreover, they also carried out detailed investigations using the HARPS spectrograph at the La Silla Observatory in Chile, which allowed them to get insights into the exoplanets atmosphere.
They found fingerprints of gases like iron, chromium, vanadium, magnesium, and manganese during the investigation. According to the statement, they found that the fingerprints of the different gases were slightly altered than expected. Further extensive observations revealed hints of layers on the hot exoplanet.
The team hypothesised that the alterations could result from strong winds and other processes. And this could possibly indicate the presence of different atmospheric layers.
Surprisingly, the team also detected the presence of titanium oxide that may act as an ozone layer to this exoplanet.
Titanium oxide absorbs shortwave radiation, such as ultraviolet radiation. Its detection could therefore indicate a layer in the atmosphere of WASP-189b that interacts with the stellar irradiation similarly to how the Ozone layer does on Earth, said Kevin Heng, study co-author from the University of Bern and a member of the NCCR PlanetS.
Observations conducted using the space-based telescope revealed several other details about the scorching WASP-189b. The exoplanet is 20 times closer to its host star than Earth is to the Sun, while the blistering daytime temperature shoots up to 3200C at WASP-189b.
The study results can further our understanding of the atmospheres of other bizarre exoplanets, including Earth-like planets. We never know; scientists might even detect worlds just like the planet Earth sooner than expected.
The results have been published in the journal Nature Astronomy and can be accessed here.
**
For weather, science, and COVID-19 updates on the go, download The Weather Channel App (on Android and iOS store). It's free!
See original here:
Posted in Astronomy
Comments Off on Astronomers Detect Hints of Earth’s Atmospheric Characteristics in Scorching Exoplanet WASP-189b | The Weather Channel – Articles from The Weather…
Kier to supply onshore converter for Sofia Offshore Wind Farm – Power Technology
Posted: at 7:10 am
US-based energy conglomerate General Electric (GE) has selected British construction firm Kier to deliver an onshore converter station for RWEs 3bn ($4.06bn) Sofia Offshore Wind Farm in the UK.
The converter station will be installed next to the Wilton Complex, which is located near the village of Lazenby.
Kier will be responsible for civil engineering and building construction works on the valve halls, control and ancillary buildings.
Its work scope includes the installation of heating, cooling, building management systems and all associated building services at the project site, which covers a 34,000m total area.
Kier Infrastructure Group managing director Mark Pengelly said: We have an established track record of delivery of civil works for power station and energy from waste plants and Sofia is an exciting project for us to be involved in.
As we all continue to find ways to be more sustainable, we expect that energy will be a key growth area for Kier over the coming years.
This project will also bring significant economic benefits to the north-east as we will deliver it collaboratively with our trusted local supply chain partners.
The Sofia Offshore Wind Farm will also feature 100 turbines, an offshore converter station and inter-array and export cables measuring hundreds of kilometres in length, as well as onshore electrical infrastructure.
Once completed, the project is expected to generate enough green energy to power around 1.2 million average UK homes and displace more than 2.5 million tonnes of carbon emissions a year.
Kier plans to begin works at the site early this year, with the onshore converter station scheduled for completion in mid-2025.
Last June, RWE began construction works at the Sofia Offshore Wind Farm project at Dogger Bank, UK.
The facility features 100 14MW wind turbines supplied by Siemens Gamesa Renewable Energy.
Industrial Vent and Inline Silencers
Read more:
Kier to supply onshore converter for Sofia Offshore Wind Farm - Power Technology
Posted in Offshore
Comments Off on Kier to supply onshore converter for Sofia Offshore Wind Farm – Power Technology
Caverton Offshore Support: Walking A TightropeTHISDAYLIVE – THISDAY Newspapers
Posted: at 7:10 am
Kayode TokedeOn the heels of growing operating expenses and net exchange difference, Caverton Offshore Support Group Plc recorded one of the worst result and accounts in its full year ended December 31, 2021.
Though the support and logistics company listed on the Nigerian Exchange Limited (NGX) recorded increase in revenue, several mitigating factors such foreign exchange loss due to local currency devaluation by the Central Bank of Nigeria (CBN) and cost of operating its 27 aircraft play a critical role in the companys worst performance in over 10 years.
Caverton reported a loss of N5.9billion in 2021 unaudited result and accounts for period ended December 31, 2021 from N1.26billion profit before tax reported in prior year result and accounts.This simply means that the management of Caverton might not be paying shareholders dividend for the first time in four years.
The management had recommended payment of dividend of 10 kobo per share in respect of the year ended 31 December 2020 (2019: 20 kobo per share). Between 2018 and 2017, it proposed a dividend of N0.25 and N0.15 kobo, respectively.
Apparently, the decline in global oil prices led to lesser contracts for Caverton, as most of its clients struggled to survive the economic hardship necessitated by COVID-19 pandemic in the first half of 2021.
It reflected in the companys H1 unaudited results as the management battled to manage its operating expenses amid minimal growth in revenue.
The company in H1 2021 reported N18.07billion revenue, 12.4per cent increase from N16.08billion reported in H1 2020, while operating expenses grew significantly by 12 per cent to N11.7billion in H1 2021 from N10.5billion reported in H1 2020.
Reduction in finance cost impacted positively on Profit before tax in H1 2021, gaining about four per cent to N924.5million in H1 2021 from N889.14million in H1 2020.
However, in the nine months of 2021, the support and logistics company was able to enhance revenue amid the relaxation of travel restrictions occasioned by the pandemic and increased economic activities that drove recovery in the aviation sector.
Operating ExpensesBut, operating expenses, among other financial parameters continued to amount to put the companys profit at risk.
Revenue reported in nine months ended September 2021 stood at N27.08billion, an increase of 15 per cent to N23.63billion reported in nine months of 2020, while operating expenses grew by 16.3 per cent to N18.27billion in nine months of 2021 from N15.7billion in nine months of 2020.Net finance charges thus gained 23 per cent to N3.3billio in nine months of 2021 from N2.67billion in nine months of 2020.
The growth in operating expenses and finance charges dragged Cavertons profit before tax downward to N1.2billion in nine months of 2021, a decline of 27.4 per cent from N1.54billion reported in nine months of 2020.
Meanwhile, the companys in the last quarter (Q4) of 2021 performance failed to reflect steady increase in global oil price as revenue dropped by nearly seven per cent to N7.98billion from N8.55billion reported in Q4 2020.Amounting operating expenses in Q4 2021 grew by 221 per cent to N9.25billion from N2.88billion reported in Q4 2020.
Cavertons whose business model is such that its logistics services are mostly needed by local and international oil and gas companies in Nigeria when its customers in the oil & gas sectors are making money.
What this means, therefore, is that as global demand for crude oil rises, Caverton had struggle to compete in the support logistics services for local and international oil & gas companies operating in the country.
Currently, Caverton contends with Bristow Helicopters and OAS Helicopters for market share. These two companies are understandably making their own expansion moves with hopes of taking more advantage of the market. More so, Caverton must also ensure to reduce its liabilities and operational costs down.
Expenses Outshines RevenueFor the unaudited December 31, 2021 unaudited results, Caverton recorded N35.06billion revenue from N32.17billion reported in 2020, an increase of about nine per cent. The growth was driven primarily by N33.96billion revenue from helicopter and airplane contracts in 2021 from N30.84billion in 2020.Helicopter Charter dropped to N956.2million in 2021 from N1.08billion in 2020 to highlight slow activities in the year under review despite ease on COVID-19 restriction movements. With slow activities, Helicopter maintenance contract dropped by 80 per cent to N10.4million in 2021 from N50.9 million in 2020.
From the profit & loss figures, the company reported 48.06 per cent increase in operating expenses to N27.5billion in 2021 from N18.59billion in 2020, driven primarily by 35.13 per cent growth in Aviation fuel, spare parts and consumables to N8.74billion in 2021 from N6.46billion in 2020.Aircraft insurance premium grew by 29 per cent to N1.69billion in 2021 from N1.32billion in 2020 as Crew salaries also grew by 17.5 per cent to N9.76billion in 2021 from N8.3 billion in 2020 despite slow activities.
Administrative expenses that comprises of employee benefit expense, management expenses, among others dropped by 13.3 per cent to N5.35billion in 2021 from N6.17billion in 2020.Caverton Offshore Support closed 2021 with net foreign exchange difference of about N3.5billion in 2021 from N2.35billion in 2020.
The breakdown revealed that Exchange gain was at N130.5million in 2021 from exchange loss of N1.35billion in 2020 and exchange loss closed 2021 at N3.6billion in 2021 from N3.7billion gain in 2020.
As regards finance cost, the company reported interest on debts and borrowing of N4.64billion in 2021 from N4.03billion in 2020 as other bank charges rose significantly by 166 per cent to N4.6billion in 2021 from N1.74billion in 2020.
Both the long and short Interest-bearing loans and borrowings grew by 0.4 per cent to N20.92billion in 2021 as against N20.85billion reported in 2020. The short Interest-bearing loans and borrowings moved from N11.11billion to N11.29billion in 2021, while long Interest-bearing loans and borrowings closed 2021 at N9.62billion from N9.7billion reported in 2020.
In all, the companys profit closed 2021 at N5.9billion loss from N1.18billion reported in 2020. The performance related in Earning Per Share for the year, moving from N0.35 to a loss of N1.77 per share.
Trade, Payables Lifts LiabilitiesIn the period under review, the company grew its total liabilities by 41per cent to N64 billion from N40.6 billion reported in 2020, driven by increase in trade & other payables.Trade & other payables gained 106.7per cent to N27.94billion in 2021 from N13.52billion in 2020 to push current liabilities up by 47.4 per cent to N43.3billion in 2021 from N29.35billion in 2020.Meanwhile, non-current liabilities gained 28.14per cent to N20.77billion in 2021 from N16.21billion in 2020.
The financial position showed a decline of about 28.5 per cent to N15.7 billion in total equity of Caverton in 2021 from N21.96billion reported in 2020. About 46 per cent decline in retained earnings to N7.79billion was responsible in decline in total equity in 2021 from N13.49billion reported in 2020.
However, total assets grew by 18.12 per cent to N79.75billion in 2021 from N67.5billion reported in 2020.
As current assets grew by 47.1 per cent to N36.93billion in 2021 from N25.11billion in 2020, non-current assets moved from N42.41billion in 2020 toN36.93billion in 2021.Cavertons capital structure ratios revealed that Net debt/Equity closed 2021 at 1.72x from 0.93x in 2020 as asset turnover dropped to 0.44x in 2021 from 0.48x in 2020.
Working capital closed 2021 at negative N6.3billion from negative N4.23billion in 2020. The negative working capital can affect the companys longer-term investment effectiveness and its financial strength in covering short-term liabilities.
Strategy to Improve PerformanceThe Chief Executive Officer, Caverton, Mr. Bode Makanjuola in a statement said the loss was caused by the significant reduction in revenue due to several mitigating factors because of the COVID-19 pandemic which resulted in drop in oil production and net foreign exchange loss due to Naira devaluation against the dollar.
As a result of this our direct costs increased significantly in 2021, he said.He explained further that, notwithstanding the loss reported in 2021, Caverton has robust reserves to accommodate this loss and a bulk of the reported loss is a one-time charge on our accounts which arose from high start-up costs of our most recent helicopter contract with Chevron.
To further boost revenues, the Group has been exploring further opportunities within and outside the oil and gas sector. In addition to growing our market share in the oil and gas logistics sector, our primary focus for the year will be on third party training and maintenance.
Our Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos, officially commenced business operation in the 2nd half of 2021. Prospects for training and maintenance is extremely positive as we are in advanced contract negotiations with a number of government and private institutions across Sub-Saharan Africa.
CATC full flight simulator gained full certification by EASA, (European Union Aviation Safety Agency), in October 2021. The EASAs mission is to promote the highest common standards of safety and environmental protection in civil aviation.
The Agency develops common safety and environmental rules at the European level. With global certification by an internationally recognized body CATC is now suitably qualified to undertake simulator training on the AW139 helicopter for Pilots from Nigeria and any part of the world and we expect this to not only boost the Groups revenue in the coming year, but also reduce capital flight from Nigeria.
Like Loading...
Originally posted here:
Caverton Offshore Support: Walking A TightropeTHISDAYLIVE - THISDAY Newspapers
Posted in Offshore
Comments Off on Caverton Offshore Support: Walking A TightropeTHISDAYLIVE – THISDAY Newspapers
Lunar New Year: The Astronomy of Chinese New Year Explained – Newsweek
Posted: at 7:10 am
The Chinese New Year or the Lunar New Year falls on Tuesday with over a billion people in China and millions of others around the world celebrating the beginning of the Year of the Tiger.
The beginning of the 15-day festival on February 1 and the end of the Year of the Ox, also marks the date of the new moon in Asia. The celebrations are considered to be a time to honor ancestors and deities as well as spending time with family.
Though China follows the Gregorian calendara solar dating system introduced Pope Gregory XIII in 1582in everyday life, the Chinese calendar is used to mark traditional holidays like the New Year.
This calendar is lunisolar in nature, which means that it is based on the cycles of both the moon and the sun. The Lunar New Year begins each year with the first new moon of the lunar calendar.
According to the Farmer's Almanac, the new moon is essentially the opposite of the full moon. Rather than seeing the side of the moon illuminated by the sun as we do during a full moon with the effect of making it appear as a bright full disc, during the new moon, we see the moon's non-illuminated side making it appear mostly dark blending in with the night sky.
This happens because the new moon marks the time during the lunar cycle at which the moon is almost perfectly aligned with Earth on one side and the sun on the other. Because the moon takes 29.5 days to orbit the Earth and complete a lunar cycle this usually occurs once a month.
In the Chinese calendar, a month lasts a lunar cycle, with its first day marked by the new moon. There are usually 12 months in a Chinese calendar year, but in order to catch up with the Gregorian calendar an extra month is added every two or three years.
All of this means that the Lunar New Year falls on a different day each year though it always falls between January 20 and February 21 on the Gregorian calendar. The first new moon in Asia this year occurred at 1:46 pm Beijing time on February 1, or 12:46 am ET on the same day.
The end of the 15-day New Year celebration is also marked by a significant event in the lunar cycle, the full moon following the year's first new moon.
The end of New Year celebrations in Asian countries including China, North and South Korea, Singapore, Mongolia, Tibet, and Vietnam falls on February 15 this year. This is timed each year to coincide with the full moon following the first new moon of the year and will be marked by The Lantern Festival. This may not always be the first full moon of the year according to the Gregorian calendar.
The Year of the Tiger, which occurs once every 12 years with the last one in 2010, will last until the first new moon of next year which falls on January 22, 2023. This marks the beginning of the Year of the Water Rabbit.
The rest is here:
Lunar New Year: The Astronomy of Chinese New Year Explained - Newsweek
Posted in Astronomy
Comments Off on Lunar New Year: The Astronomy of Chinese New Year Explained – Newsweek
Heavens above: top 10 UK Dark Skies festivals and stargazing destinations – The Guardian
Posted: at 7:10 am
Hebridean Dark Skies Festival
A packed programme of astronomy talks, stargazing, films, music, visual art and theatre combines to create the Dark Skies Festival on the Isle of Lewis, which runs from 11-25 February. The Dark Skies exhibition will feature newly commissioned works by a group of Hebridean artists, stargazing events will be held indoors at the Cosmos Planetarium and outside with Highland Astronomy, and the festival will kick off with a night of comedy and astronomy. Stay at the Royal, a harbourside hotel, with a restaurant specialising in local meat and fish (doubles from 131, B&B, royalstornoway.co.uk). More information at lanntair.com
The festival in Exmoor happens in autumn, but if you cant wait that long there are regular Dark Skies events in the school holidays (a Night Sky Stargazing & Bushcraft Adventure evening is taking place on 21 February), while the Dark Sky Discovery Trail is a two-mile route across open moorland that takes in some of the best places to see the stars (exmoorwalks.org/darksky). Stay at the Exmoor White Horse Inn, a 16th-century inn (doubles from 119, B&B, exmoor-whitehorse.co.uk). exmoor-nationalpark.gov.uk
Learn about the night sky while hiking across open moorland, soaking in a hot tub, paddling a canoe or listening to expert astronomers all on offer across the Yorkshire Dales and North York Moors National Park. The festival runs from 18 February to 6 March and includes a rocket-making workshop and planet pizza-making evening. Stay at the 16th-century White Hart Inn (doubles from 120, B&B; whiteharthawes.co.uk).yorkshiredales.org.uk
One of the least-populated regions of the UK, this is an excellent stargazing spot with little light pollution. Its festival runs from 12-28 February, with events including aurora hunting at the Battlesteads Observatory, astronomy workshops, moon walks and stargazing experiences on Hadrians Wall. Stay at the Battlesteads Hotel, just across the road from the observatory, with a buzzy dining room and stylish bedrooms (doubles from 115, B&B, battlesteads.com). northumberlandnationalpark.org.uk
The South Downs is holding its festival in February, with star- and moongazing events at Queen Elizabeth Country Park in Hampshire, Seven Sisters Country Park in East Sussex, and Brighton seafront. Local astronomy groups along the coast will hold talks, with tours of the planets at the South Downs Planetarium in Chichester. Stay at the White Horse Inn in Sutton, a coaching inn with a well-loved restaurant (doubles from 133, B&B, whitehorseinn-sutton.co.uk). southdowns.gov.uk
Three spots across the park have been designated Dark Sky sites, offering the chance to see some spectacular starlit skies. The car parks at Parsley Hay, near Hartington, Surprise View near Hathersage and Minninglow at Pikehall have astronomy panels to help visitors explore the constellations, and private Stargazing Experiences in Hathersage can be arranged through Dark Sky Telescope Hire (darkskytelescopehire.co.uk). Stay at the George, a historic inn (doubles from 150, B&B, thegeorgehathersage.com).peakdistrict.gov.uk
Keen stargazers should put 23-25 September in their diaries for the second annual Beacons Dark Skies Festival, with events for astrophotographers, families and keen astronomers. Alongside practical workshops, there are talks on the history and folklore that surrounds the constellations and the nocturnal wildlife that depends on them. New for this year is a mobile, inflatable planetarium that will be set up in locations across the Park. Stay at Gliffaes, a country house hotel just outside Crickhowell (doubles from 155, B&B, gliffaeshotel.com). beacons-npa.gov.uk
Art workshops, wood-whittling courses and guided night-time swims are on offer at the Cumbria Dark Skies Festival (12-26 February), along with woodside walks beneath starry skies, moon watching and listening to nocturnal wildlife. Stay at the Wordsworth Hotel & Spa in Grasmere a short drive from the Dark Sky Discovery Centre at Allan Bank (doubles from 118, B&B, thewordsworthhotel.co.uk).visitlakedistrict.com
The Forests Dark Skies festival takes place over half-term (12-20 February), and although the live events are fully booked, you can join some online. The skies above the forest are spectacular at any time, however, and its easy to stargaze independently, with public Dark Sky Discovery Sites around the Forest at Beacon Fell Country Park, Gisburn Forest Hub, Slaidburn Village Car Park and Crook o Lune picnic site. Stay at the Inn at Whitewell, an elegant 17th-century hotel (doubles from 140, B&B, innatwhitewell.com). forestofbowland.com
The most northerly Dark Sky Park in the world, the Cairngorms is ablaze with stars and theres a chance of seeing the Northern Lights. The skies are so dark its possible to see nebula just using binoculars, with the snow roads between Braemar and the Spittal of Glenshee and Glen Muick being two of the best places to stargaze. Stay at Culdearn House, a classic Victorian country house hotel (doubles from 220, B&B, culdearn.com). cairngorms.co.uk.
More:
Heavens above: top 10 UK Dark Skies festivals and stargazing destinations - The Guardian
Posted in Astronomy
Comments Off on Heavens above: top 10 UK Dark Skies festivals and stargazing destinations – The Guardian
Heerema Shows XXL Offshore Wind Turbine Floating Installation Method – Video | Offshore Wind – Offshore WIND
Posted: at 7:10 am
Following the recent completion of the first offshore test, Heerema Marine Contractors has issued a video showing a novel method of assembling and installing XXL wind turbines onboard a floating, dynamically positioned (DP) vessel.
The method was tested in the Dutch North Sea onboard the largest semi-submersible crane vessel in the world, Sleipnir.
Heerema performed the demonstration project, known as Floating Offshore Installation of XXL Wind Turbines (FOX), in collaboration with DOT and the Delft University of Technology (TU Delft) to collect operational data and test installation methods and durations.
This demonstration project was supported by the Dutch Ministry of Economic Affairs and Climate Policy and Eneco. The partners worked together with a wide range of subcontractors who have supported this test, including Heerema Engineering Solutions, F&B Group, Harco Heavy Lifting, Ampelmann, Sif, and CAPE Holland.
The novel Rotor Nacelle Assembly (RNA) method, developed by Heerema for the next generation of wind turbines, will for the first time be utilised on Parkwinds Arcadis Ost 1 offshore wind farm in the German Baltic Sea.
Heerema will deploy the second-largest semi-submersible vessel in the world, Thialf, on the project.
As previously reported, Thialf will have to undergo certain modifications to the cranes in order to be able to sail under Denmarks Storebaelt Bridge and enter the Baltic Sea.
Thialf is scheduled to start installing the 27 Vestas 9.5 MW wind turbines at Arcadis Ost I using the RNA method later this year.
This embedded content is only visible after accepting cookies.
Change your preferences
See the original post:
Posted in Offshore
Comments Off on Heerema Shows XXL Offshore Wind Turbine Floating Installation Method – Video | Offshore Wind – Offshore WIND







